The steady growth of the commercial sector in Guyana is redefining the role of the security industry, taking it beyond the traditional routine of the armed escort required for payroll protection and bank deposits at the end of the trading day.
Not only has the advent of electronic business transactions failed to significantly suppress the continued growth of the cash economy, but the advent of relatively recent services, primarily the cambios, coupled with the growth of urban trading in jewellery has increased the need for security services that protect cash and valuables during the trading day.
Time was, for example, when commercial banks provided by far the biggest market for vaults and strongboxes. That demand has now grown considerably to embrace other types of businesses and at least one growing company is moving to create a niche in what it regards as an emerging market. Giotech was established in 2006 by Giovanni Charles and Nirvan Mahase, two young Guyanese with a business association that predates their current venture. Their $140 million investment specializes in the supply and installation of safety vaults and safes for local businesses.
GioTech may already possess a head start in a less than crowded sector, its co-director, Charles, having previously executed contracts with several commercial banks to install and service their vaults and safes. Republic Bank, Guyana Bank for Trade and Industry, Scotia, the New Building Society and Citizens Bank have all utilized the services provided by Charles. Among the non-banking entities that have utilized his services are Banks DIH Ltd, the Guyana Post Office Corporation, SOL Guyana Inc and BK International.
The decision to expand into importing the equipment with which he had become familiar was the outcome of a careful assessment of the potential for creating a more lucrative enterprise that went beyond functioning as a private serviceman for the commercial banks.
The growth of the company over the past six years has been impressive. Not only does Giotech claim the distinction of being the country’s sole specialist distributor of safety vaults, vault doors, fire-proof security safes and filing cabinets, but the company has also secured distributorships and service contracts for several reputable brands including Securifort, Fireking, HON, Master Lock, Cobalt, Basyx and American Vaults.
With Charles’ experience being a key element, Giotech insists that its expertise reposes in much more than selling the equipment which it provides. Its range of services include providing advice to customers on brands of equipment that best suit their security needs as well as the physical positioning of safes and vaults within the premises. It is their way of reassuring their clients that their expertise goes beyond the routine of simply selling a service.
Situated at 64 Main and Middle streets in Georgetown the company has seven employees each specifically trained for what the directors regard as a highly specialized service.
The requirements of privacy and security have imposed upon the company some challenging demands, not least of which is finding employees who are not only trainable but have the disposition suited to the responsibility of assuring the company’s clients. Giotech’s accountant Leon Persaud told Stabroek Business that selection and training are weighty responsibilities. The training, he said, must be “specific and tailor made” given the “unique requirements of the job. Training apart, the consideration of offering clients critical asset protection services requires that its own employees pass unwritten but important integrity tests. Persaud is satisfied that over the years Giotech has built a small but trusted cadre of staff who are capable of delivering the services which the company offers.
Giotech’s operations are built on market research which takes account of both the commercial and domestic demand for the services which it provides. Beyond the protection of valuables from robberies, Mahase says that much consideration is given to protection of valuables from loss resulting from fires. “We have noted that within recent years both business places and dwelling homes have been lost to fires. Other types of valuables may well have been saved had they been properly protected,” she says.
Mahase says the range of protective vaults and safes supplied by the company include those specifically designed for homes, jewellery establishments and other businesses that deal in valuables. As far as homes are concerned, she believes the safe storage of valuable documents and information should be taken more seriously. The company currently offers fireproof filing cabinets, safes and vaults that can withstand temperatures of up to 1,800 degrees for up to two hours. A fire-proof vault or safe can be acquired for as little as $80,000.
Apart from its focus on expanding its local client base, Mahase says that over the next few years Giotech will be seeking to expand its services into the Caribbean and South America.
